Emkay Global Financial has maintained a SELL rating on Dr Reddy's Laboratories, setting a target price of Rs 1,070. The company's 2QFY25 PAT met expectations, with EBITDA slightly exceeding forecasts due to strong sales in Russia and lower SG&A costs. However, a 160bps QoQ decline in gross margin in the global generics segment raises concerns, despite a positive near double-digit growth in the domestic market.
